Commercial property managers can be one of the most helpful people to include in your property investment business. They oversee occupancy and maintenance, manage tenants, collect rent, negotiate lease contracts, and more.
With them doing all the hard work, you have time to focus on other parts of your business and know that your commercial properties are in safe hands. However, not all commercial property managers are the same, which means it’s important not to rush into the hiring process.
If you’re looking for a property manager who stands out above the rest, consider using the five criteria below.
Everyone deserves a chance to gain experience in their chosen field, but it’s worth considering the experience levels gained by those who are already working within commercial property management companies.
Find out how long they have been managing commercial properties, what qualifications they have, how long they have been working for the company they’re representing, and whether they have any awards. Generally, this information is readily available on their business website, or it might even come up in conversation.
The more experience your preferred manager has, the more confidence you can have in their ability to negotiate deals, handle maintenance issues, oversee occupancy levels, and more.
Fee structures at commercial property management companies can differ from one company to the next. Some property managers will charge a percentage of the rent on each property, while others will charge a flat monthly fee based on how many properties and tenants you have.
Due to the differences, it can be worth asking this question and possibly even basing your choice on which fee structure you prefer.
Some landlords like to take an active role in the management of their properties, while others like to receive a return and leave the daily running of their properties to the managers they hire.
Depending on your preference, you may factor the suite of services provided by each manager into your decision-making process. Some only handle day-to-day tasks like rent, tax, and bond collection, while others offer a more comprehensive list of services.
Some property managers go the extra mile with tenant selection and reference checks, lease document processing, bill processing, rent reviews, lease negotiation, tenant query resolutions, and more. Such services can be particularly helpful for property owners who don’t have time to take care of every detail of every property in their portfolio.
Word of mouth is one of the most powerful forms of advertising. So, it stands to reason that reputation can count for a lot when you’re looking for a commercial property manager you can trust.
Look at online reviews, talk to other property owners for recommendations, and check out different company websites to see testimonials. The more you learn about each company and manager, the more confident you can feel in your final decision.
Point of Difference
A property manager’s point of difference is something many people fail to consider. However, it can be the ultimate deal-maker or deal-breaker. What sets them apart from other property managers, and what can they do for you that other managers can’t?
Asking this question of one or more managers may help you learn about some of the premium services you can take advantage of, which may help some companies stand out more than others. There’s no denying that choosing a commercial property manager can be challenging, especially with so many from which to choose. However, when you consider these five criteria above, you may find that you’re able to pick one far sooner and possibly with more confidence.